First in thesecondary market.

First in thesecondarymarket.

A large team of experts. Unparalleled market insight.And a relentless pursuit of the best price. This is whatwe offer our clients. And why we are one of the mosttrusted secondary advisors in the world.

Setter Capital is the global leader in liquidity solutions for private fund managers and institutional investors in alternative investments. Our clients are some of the world’s leading fund sponsors, pensions, endowments, and investment consultants. Since our inception in 2006, we have completed hundreds of transactions, representing more than $25 billion in liquidity across venture capital, private equity, infrastructure, real estate, real asset, and hedge fund investments.

Setter is an industry leading provider of secondary market research and analysis that leverages our proprietary secondary market network, SecondaryLink™. Our mission is to increase the efficiency and accessibility of the secondary market for all participants

Secondary advisoryis all we do.

Secondaryadvisoryis all we do.

We have expertise in every area ofthe secondary market. Whether it’sthe sale of a bilion dollar portfolio oran esoteric asset - we bring superiorknowledge and insight to the table -so we can deliver better results forour clients.

Portfolio valuations

Setter provides limited partners with quarterly and annual secondary market liquidity and market valuations on their core and non-core portfolios, as well as one-time market valuations to support internal or external transfers and sale or purchase decisions.

Structured solutions

Setter supplements clients’ liquidity options by exploring alternatives to a straight sale that include structured solutions such as preferences and risk sharing arrangements, by employing SPVs, derivatives, and synthetic secondaries among other tools.

Portfolio sales

Setter provides customized advisory services to GPs closing old funds, from evaluating the portfolio, to preparing marketing materials and strategy, communicating with portfolio companies, managing data-room and NDAs, collecting and negotiating offers, and supporting at the PSA stage.

Liquidity options for LPs

Setter advises fund managers seeking to provide a liquidity option for existing investors, such as tender offers and large LP replacements, by determining the top market price and identifying buyers who are interested in supporting the incumbent manager on a long term basis with an effective incentive structure.

Fund debt and follow on capital

Setter provides access to debt and equity providers for managers seeking additional capital to grow and support the portfolio or to make a distribution to investors. Our vast global network ensures cost effective terms for annex funds, fund debt, and hybrid debt/equity solutions.

We've beenaround the block.500 times.

We've beenaround theblock.500 times.

In the secondary market, we’ve seen and done it all.With over 500 transactions under our belt, we havethe experience to tailor our process to meet the uniqueneeds of each case. We maximize value discreetlyand effectively, while solving problems along the way.

More Insight.

In the secondary market, knowledge is power. By providing granular customportfolio analysis and industry-leading market research, we empower ourclients by giving them the tools they need to make the most informed decisions.

Setter Liquidity Report

A customized review of an investor's portfolio addressing all aspectsof Active portfolio management including line by line saleability and pricing.

We connect the dots.

The more connected you are - the more knowledge you have. That's why we host the secondary market'smost vibrant community, SecondaryLink.com.It connects investors, managers and industryparticipants to us - and each other.

We getpeople talking.

We getpeople talking.

We do more research, provide deeper analysisand publish more articles. That’s why we’re themost quoted secondary source in the mediaRead on to see what we're thinking.

NEWS

Pricing falls in Q3 – Setter CapitalSecondaries Investor(Oct. 17, 2016): Secondaries funds themselves were among four strategies that had rises in pricing amid overall drops during the period.... Read more

A super-secret meeting of secondary buyersPE Hub(Sept. 23, 2016): There was a super-secret meeting in the midtown area of Manhattan, not far from the Waldorf-Astoria surrounded by law enforcement and federal homeland security types there ... Read more

Pensions were biggest sellers in H1Secondaries Investor(Sept. 14, 2016): Sales by pensions surged to account for over a third of sales by volume amid a rise in disposals by opportunistic sellers, according to Setter Capital's mid-y... Read more

Use of intermediaries grows in H1Secondaries Investor(Sept. 7, 2016): The use of intermediaries is expected to continue to rise as new agents enter the market and the buyer universe grows, according to a report by Set... Read more

Secondaries: Stick or twist?Asian Venture Capital Journal(Sept. 7, 2016): After several years of rapid growth, secondaries volumes slowed in the first half of 2016 (per Setter Capital's volume report H1 2016), while f... Read more

Kreutzer’s Take: Public Stocks Sneeze and Secondary Market Gets the SnifflesWall Street Journal(Sept. 1, 2016): If you want to gauge how secondary deal volume will fare this year, keep your eyes on public stock markets.... Read more

Stapled deals rose in H1 2015Secondaries Investor(Aug. 31, 2016): Stapled deals, such as Palamon's recent transaction involving three of its funds, increased during H1 2015, according to a report by Setter Capital.... Read more

Buyers pessimistic about returns and valuations – surveySecondaries Investor(Aug. 31, 2016): Expected returns for secondaries deals completed in the first half are down compared with a year earlier, according to a report by Sette.... Read more

Secondary deal volume declines in the first half of 2016Opalesque(Aug. 31, 2016): A new report out from secondary market broker Setter Capital shows that secondary deal volume is down some 10 percent for the first half of 2016. The downwa... Read more

Secondaries market slowdown predicted after years of booming growthAltAssets(Aug. 30, 2016): The booming secondaries market looks set for a slowdown after years of intense growth, according to the latest research from Setter Capital.... Read more

Secondary market deals down nearly 10% in first half of 2016 — reportPensions & Investments(Aug. 29, 2016): Deals on the alternative investment secondary market dropped 9.7% to $18.6 billion in the first half of this year from $20.6 billion in the ... Read more

Debt fuels competition for fund stakes in H1Secondaries Investor(Aug. 25, 2016): The use of debt is allowing buyers to remain competitive when bidding on large fund stakes, and this has driven up pricing, according to new research ... Read more

PE deals grow slightly amid wider secondaries transaction squeezeAltAssets(Aug. 18, 2016): The booming global secondaries market stuttered in the first half of 2015, with completed transactions dropping more than five per cent year on year, Setter Capit... Read more

Energy bids fall most amid broader dropSecondaries Investor(June 15, 2016): Average high bids were 20% down this year compared with a year earlier, according to a report by advisory firm Setter Capital.... Read more

Deal volume hits $100bnSecondaries Investor(May 20, 2016): A compelling idea, we’ll admit, but not true. It’s one of the thought-provoking statements that Secondaries Investor has tested out on market particip... Read more

For sale: real estateSecondaries Investor(May 13, 2016): Real estate secondaries has been a hot topic this year, with dealmakers predicting $9.4 billion will change hands, according to a survey by Setter Capi... Read more

Intermediated deals rose in 2015 Secondaries Investor(April 12, 2016): Two-thirds of last year's secondaries deal volume was conducted through an intermediary, a 12% rise from the previous year, according to a Setter Cap... Read more

Infrastructure secondaries are poised to growSecondaries Investor(March 4, 2016): Trading stakes in infrastructure funds currently represents a tiny part of the secondaries market; only around $1.6 billion was traded in 2015, accord... Read more

CPPIB buys $1bn PE portfolio from Australia’s Future FundSecondaries Investor(Feb. 24, 2016): Australia's $85bn sovereign wealth fund brought the stakes to market in the second half of last year in a process run by Setter Capital.... Read more

Real estate, agri secondaries rose in 2015Secondaries Investor(Feb. 11, 2016): Agri and timber secondaries saw the biggest growth in secondaries deal volume, rising by more than half in 2015, according to a report by Setter Ca.... Read more

Direct secondaries slow as market stays busyPE Hub(Feb. 8, 2016): The secondary market is as active as ever, but the amount of direct secondaries, like restructurings, slowed last year, according to intermediary Setter Capital.... Read more

Europe’s 10 most desired small buyout firmsReal Deals Europe(Dec. 11, 2015): Setter Capital, a Toronto-based adviser that works with institutional investors and fund managers, has compiled a ranking of the most sought-after Eur... Read more

WestView Capital is most sought-after small US LBO firmSecondaries Investor(Dec. 2, 2015): Blue Point Capital Partners came in second place while VMG Partners was in third position, according to a third-quarter report by Setter Capital.... Read more

Setter Finds Top Small European Buyout Funds Outprice U.S. PeersWall Street Journal(Dec. 1, 2015): Many things seem to be more expensive in Europe, including secondary stakes in certain small buyout funds, according to research from secondary inter... Read more

Norway-based Herkules most in-demand small European LBO managerAltAssets(Oct. 6, 2015): Norwegian private equity firm Herkules Capital is the most popular small European buyout manager on the secondaries market, according to new research.... Read more

IK funds most in demand in mid-market secondarieseFinancial News(Sept. 21, 2015): A list of the most sought after European mid-market private equity fund managers has named Northern Europe-focused firm IK Investment Partners in top pla... Read more

Energy Fund Secondaries Out of FavorWall Street Journal(Aug. 17, 2015): Energy-focused private equity funds fell out of favor with investors in second-hand private equity fund stakes in the first half of the year, according ... Read more

Buyers expect NAV to stabilise in H2Secondaries Investor(Aug. 17, 2015): Buyers in the secondaries market expect the value of funds to stabilise in the second half of this year, according to a report by intermediary Setter... Read more

Secondary buyers see pricing stabilizing in second half: surveyPE Hub(Aug. 17, 2015): Buyers in the secondary market are betting pricing won’t change much in the second half of the year, which could indicate that some believe the market is at a peak.... Read more

Setter Capital: Secondary Market Activity Slips 5.1% in 1H/15FIN Alternatives(Aug. 17, 2015): Secondary deal volume slipped 5.1% in the first half of 2015 to $20.6 billion after two years of strong growth, according to new research from intermediary... Read more

Volume of PE secondaries up in H1, Setter reportsSecondaries Investor(Aug. 17, 2015): Most of the volume was driven by large players and transactions of more than $600 million. Energy and real estate transaction volume was down.... Read more

Secondary Direct Volume Climbs 21% in 1H to $5.5BWall Street Journal(Aug. 17, 2015): Buyers are plowing full steam ahead into the direct secondary market this year, although large fund portfolio stakes continue to dominate the market... Read more

CVC tops Setter’s most sought-after european large LBO managers on the secondary marketAltAssets(Aug. 11, 2015): CVC Capital Partners has come out on top as the most in demand European large leveraged buyout manager on the ... Read more

Terra Firma joins and CVC tops list of most-sought European buyout fund secondariesPensions & Investments(Aug. 11, 2015): Terra Firma Capital Partners has been added to the list of the 20 most sought-after managers of large-cap ... Read more

Secondaries: Here are the 20 most sought-after European large buyout fundsPE Hub(Aug. 10, 2015): When it comes to European private equity, it’s all about CVC Capital Partners.... Read more

CVC’s Funds Most in Demand in Secondaries MarketWall Street Journal(Aug. 10, 2015): CVC Capital Partners has topped an annual list of most in-demand European large buyout funds in the secondaries market for ... Read more

Buyouts Snapshot: Secondaries players debate ‘third option’ in fund restructuringsPE Hub(Aug. 3, 2015): Should limited partners have a “third option” in a fund restructuring beyond selling or rolling over on new terms?... Read more

ABRY, HIG most sought-after US mid-market secondaries managersAltAssets(July 29, 2015): ABRY Partners and HIG Capital topped a ranking of the 35 most sought-after US mid-market buyout managers in the secondaries market in the Q2 accordi... Read more

Setter Capital: The Most Sought-After Manager Rankings for Q2 2015Deal Market(July 27, 2015): Setter Capital, the independent advisory firm, has published its results for the most sough-after US- mid-market LBO managers for the second quarter of the year, ... Read more

Blackstone, Apollo most desired secondary buyout managersAltAssets(July 26, 2015): Blackstone Capital Partners, Apollo Investment Fund and Bain Capital are the most sought-after US buyout managers on the secondary market according to the Setter ... Read more

Abry Partners Brings All the Secondary Buyers to the YardWall Street Journal(July 24, 2015): Abry Partners tops the list of the most sought-after midmarket managers in the secondary market, according to rankings compiled by adviser Setter Capital.... Read more

Abry Partners tops the list of the most sought-after midmarket managers in the secondary market, according to rankings compiled by adviser Setter Capital.Secondaries Investor(July 23, 2015): The firms were the only ones rated excellent by Setter Capital in its list of 35 most sought-after US mid-market ... Read more

Willowridge partner Bego, organizer of annual secondaries dinner, leaves firm PE Hub(July 13, 2015): Mike Bego, a partner at secondaries firm Willowridge Partners, who is known across the industry for organizing the super-secret annual secondaries dinner, left the ... Read more

Here are the 35 most sought-after U.S. LBO funds on secondary marketPE Hub(July 1, 2015): The top 35 most sought-after U.S. LBO funds on the secondary market as of the second quarter priced at an average of 97.3 percent of net asset value, according to fresh... Read more

Setter Capital publishes list of most sought US LBO managersInvestment Europe(June 23, 2015): A list of the 35 most sought after US large-LBO managers in the secondaries market has been published by advisory firm Setter Capital.... Read more

Secondary buyers hungry for stakes in mid-market buyout funds: surveyPE Hub(March 9, 2015): Secondary buyers found stakes in middle-market buyout funds especially attractive last year, according to a recent survey by UBS, which advises on secondary deals. And... Read more

Unveiling the ‘oracle’ of the secondaries marketPE Hub(Jan. 28, 2015): In October, we reported on a super-exclusive dinner in Manhattan for buyers in the secondary market, where attendees guessed on total secondary volume for 2014.... Read more

Secondary volume goes through the roofPE Hub(Jan. 22, 2015): This is just getting crazy now.Total volume in the secondary market hit $49.3 billion last year, a 37 percent increase from 2013, according to a report from in... Read more

Secondaries deal surge sees $49.3bn of deals done in 2014AltAssets(Jan. 22, 2015): The burgeoning private equity secondaries market had its busiest year in 2014 after dealmakers completed about $49.3bn of transactions, new research from... Read more

Setter Capital Secondary Market Estimates $49.3 Billion In 2014HedgeCo.Net(Jan. 22, 2015): New York (HedgeCo.Net) – 2014 marked the busiest year for the secondary market to date with an estimated $49.3 billion in completed transactions, according to ... Read more

Is this a good time to do a secondary deal?PE Secondaries(Oct. 30, 2014): This should be an all-time record quarter for the secondary industry. I would estimate close to $10 billion of private equity transactio... Read more

The secondaries industry’s alluring ‘backwater’Secondaries Investor(Oct. 17, 2014): Will we start to see more secondaries investors buying and selling infrastructure and real assets fund interests? For some time now, there’s been ta... Read more

Secondaries volume to reach $46bn in 2020Secondaries Investor(Oct. 15, 2014): The highest expected volume for secondaries in 2020 is $95bn, according to a poll conducted by Setter Capital.... Read more

2014 Projected secondary returns lower, but strongPE Secondaries(Oct. 14, 2014): Secondary fund buyers predict a 1.39x gross ROI for 2014 vintage secondary fund transactions. This data is the result of a survey at t... Read more

How high will the secondaries market go?PE Hub(Oct. 13, 2014): Michael Bego, a partner at secondary firm Willowridge Partners in New York, has organized an ultra-exclusive dinner every fall for the past nine years by. It is open ... Read more

Secondary PE deals on track to have record yearThe Deal Pipeline(Aug. 15, 2014): With deals such as the sale this week of half of JPMorgan & Co.'s interests in its private equity unit One Equity Partners, transaction volume in the sec... Read more

New sellers come to marketSecondaries Investor(Aug. 11, 2014): Non-traditional secondaries sellers are becoming an increasingly important source of activity, according to Setter Capital.... Read more

Dividing dataSecondaries Investor(Aug. 8, 2014): It’s that time of year again Read more

Secondary market transaction volume jumps in first 6 months — reportPensions & Investments(Aug. 7, 2014): Transaction volume on the alternative investments secondary markets was up 47% to $22 billion in the first half of this year compared with the first ... Read more

Setter Capital estimates $22 bln total secondaries volume in first halfPE Hub(Aug. 4, 2014): Here it comes again … the second shot across the industry at estimating half-year volume on the hyperactive secondaries market.... Read more

Secondary Market Activity SoarsFIN Alternatives(Aug. 1, 2014): The secondary market for alternative investments reached new heights in the first half, according to a survey from Setter Capital.... Read more

Secondaries market on a tear Real Deals Europe(Aug. 1, 2014): The total value of secondaries deals, the most clandestine corner of private equity, was up 33 per cent for the first half of the year, as sellers exploit the... Read more

Private Equity Secondaries on Pace for Record YearWall Street Journal(July 15, 2014): Private equity investors are taking advantage of a wealth of willing buyers, cashing out fund stakes at a near record pace, and getting good prices to boot.... Read more

Understanding the nuances of secondary pricing in private equityAltAssets(July 2, 2014): Most commentators contend generally that secondary pricing across all private equity strategies has risen in the last several years, but the important question remains Read more

Setter: Top funds fetch higher prices Secondaries Investor(June 23, 2014): When it comes to pricing, less-sought-after funds get a rougher deal compared their well-known peers, according to Toronto-based Setter’s latest report on th... Read more

Newer, top-performing funds attract premium secondaries pricesPE Hub(June 17, 2014): For the most sought-after private equity funds on the secondary market raised in the past few years, pricing has risen into premium levels, according to a new pricing stu... Read more

View from the secondary market: 25 most sought-after Asia-Pacific fundsPE Hub(June 2, 2014): the next installment of our ongoing series of the secondary market view of private equity funds, we have a list of the 25 most sought-after Asia-Pacific funds from second... Read more

Setter Capital Presents Most Sought After Secondaries FundsDeal Market(May 14, 2014): Setter Capital, the Toronto based secondaries advisor, has put together a comprehensive list of the most popular buyout funds in Europe within the secondaries market, ... Read more

CVC, Apax and Advent most sought-after Euro LBO fundsSecondaries Investor(May 13, 2014): The Canadian advisory firm Setter Capital has cited its 40 most sought-after European leveraged buyout funds on the secondaries market.... Read more

Setter Capital Ranks Most Popular European Buyout Funds for Secondary InvestorsWall Street Journal(May 13, 2014): The managers of the most sought-after European private equity funds on the secondaries market have be... Read more

A view from the secondary market: 40 most sought-after European buyout funds PE Hub(May 12, 2014): We’ve been examining secondary market demand for certain private equity and venture capital funds – so far we’ve explored the most sought after U.S. buyout funds and ventu... Read more

Sequoia, NEA and Accel most sought-after US VC funds Secondaries Investor(April 15, 2014): The firms top Setter Capital’s new list of the 25 most sought-after US venture capital funds on the secondaries market.... Read more

View from the secondary market: Sought-after venture capital fundsPE Hub(April 14, 2014): Back in March we ran a piece about the 50 most sought after U.S. buyout funds in the secondary market compiled by secondary broker Setter Capital. While unsurprisingly, ... Read more

ABRY and HIG most sought-after US mid-market fundsSecondaries Investor(April 10, 2014): Canadian advisory firm Setter has released its top 50 mid-market LBO funds on the secondaries market.... Read more

Brand Names Place High in Setter's Midmarket Liquidity RankingsDow Jones PE & Venture Capital(April 8, 2014): When it comes to attracting buyers on the secondary market, a brand name may matter more than expected, particularly in the midmarket, accor... Read more

Bain, BX and ABRY most sought-after buyout stakesSecondaries Investor(March 14, 2014): Bain Capital, Blackstone Capital Partners and ABRY Partners top the ranks of the 50-most sought after US buyout funds on the secondaries market, according... Read more

Bain, BX and ABRY most sought-after stakes Secondaries Investor(March 14, 2014): The firms top Setter Capital's list of the 50 most sought-after US LBO funds. Providence, Welsh Carson and Kelso round out the 24 funds given an 'excellent'... Read more

Setter Capital – making waves in the global secondary market Setter Capital – making waves in the global secondary marketPE Hub(Feb. 7, 2014): This week my colleague Chris Witkowsky, editor of peHUB, wrote about the wide gap in estimates of the size of the “compulsively secretiv... Read more

Secondary deal volume controversy and the shadow marketPE Hub(Feb. 3, 2014): There’s a huge controversy in the private equity secondaries market these days over just how much volume has been transacted. Ok, I might be exaggerating, but as far a... Read more

Real estate secondaries hit $5.3bn in 2013PERE News(Jan. 14, 2014): More than 14% of all secondaries deals last year were real estate purchases, according to Toronto-based advisory firm Setter Capital.... Read more

Hedge fund side pocket secondary market volumes top $1.6bn in 2013Opalesque(Jan. 13, 2014): A new report out from Setter Capital shows that secondary market volumes for hedge fund side pockets was up again in 2013. Data shows that LP's are becoming mor... Read more

Secondary deal volume could increase in first half of 2014 AltAssets(Jan. 7, 2014): Secondary deal volumes in the first half of 2014 is widely expected to be similar or higher than in the same period of 2013, according to the latest report from Se... Read more

Private Equity Braces For Robust Year in Secondary DealsInstitutional investor(Jan. 7, 2014): The private equity industry is gearing up for a robust year of secondary deals in 2014, as pension funds are expected to take to the market to sell no... Read more

Wild West no moreInfrastructure Investors(Oct. 9, 2013): The secondaries market has come a long way, as evidenced by Setter Capital’s new online platform. Peter McGrath discusses it with Andy Thomson.... Read more

Just how active is the secondary market this year?PE Hub(Sept. 26, 2013): However, some secondary market professionals (namely those who work in the smaller end of the market), have consistently told me they have been as busy as ever this... Read more

Setter Capital Estimates Secondary Volume Hit $15B in First HalfDow Jones PE & Venture Capital(Sept. 16, 2013): Although many secondary buyers say that deal volume has slowed so far this year compared to 2012, a survey from Setter Capital suggests it... Read more

Liquidation model similar to hedge fund side pocketsPensions & Investments(June 10, 2013): In both cases, investors had been left with illiquid investments and little hope of cashing out. But hedge fund managers and investors in side pocket ... Read more

PUBLICATIONS

Setter Price Report - September 2018Oct. 11, 2018: The Setter Price Report analyses average top prices across various fund strategies, vintages, geographies and time intervals. Read more

Setter Capital Volume Report H1 2018Aug. 3, 2018: To accurately capture the breadth of the secondary market for alternatives, Setter Capital conducted a twenty six question survey of the top secondary buyers. Read more

Setter Price Report - May 2018June 19, 2018: The Setter Price Report analyses average top prices across various fund strategies, vintages, geographies and time intervals. Read more

Improving Liquidity of Alternative InvestmentsJune 11, 2018: Based on actual data (i.e. not a survey) obtained from approximately 2000 of the largest global
institutional investors... Read more

Options for Mature Funds in an Evolving MarketJune 11, 2018: An increasing number of private equity funds raised in the early/pre-2000’s period have completed their term and are in an extension... Read more

Secondaries of Funds of FundsJune 11, 2018: Over the last few years, we have seen a meaningful increase in secondary sales of funds of funds and secondary funds... Read more

The ABCs of Buying and Selling on the Secondary MarketJune 11, 2018: New buyers should consider the following guidelines to make best use of their time and resources when pursuing... Read more

Secondary Market Pricing of Funds of Funds - Secondaries PricesJune 1, 2018: This report analyzes secondary prices for funds of funds over the last five years Read more

Setter Price Report - April 2018 - Funds of FundsMay 31, 2018: The Setter Price Report analyses average top prices across various fund strategies, vintages, geographies and time intervals Read more

Setter Price Report - February 2018Feb. 1, 2018: The Setter Price Report analyses average top prices across various fund strategies, vintages, geographies and time intervals. Read more

Setter Capital Volume Report FY 2017Jan. 24, 2018: To accurately capture the breadth of the secondary market for alternatives, Setter Capital conducted a twenty six question survey of the top secondary buyers. Read more

Setter Price Report - January 2018Jan. 1, 2018: The Setter Price Report analyses average top prices across various fund strategies, vintages, geographies and time intervals. Read more

The 20 Most Sought-After Managers European Large LBO - Q3 2017Nov. 21, 2017: Report based on both the Setter Capital Liquidity Rating and SecondaryLink's Popularity Ranking. Read more

The 20 Most Sought-After Managers European Lower Middle Market LBO - Q3 2017Nov. 21, 2017: Report based on both the Setter Capital Liquidity Rating and SecondaryLink's Popularity Ranking. Read more

The 20 Most Sought-After Managers US Lower Middle Market LBO - Q3 2017Nov. 21, 2017: Report based on both the Setter Capital Liquidity Rating and SecondaryLink's Popularity Ranking. Read more

The 25 Most Sought-After Managers VC - Q3 2017Nov. 21, 2017: Report based on both the Setter Capital Liquidity Rating and SecondaryLink's Popularity Ranking. Read more

The 30 Most Sought-After Managers US Middle Market LBO - Q3 2017Nov. 21, 2017: Report based on both the Setter Capital Liquidity Rating and SecondaryLink's Popularity Ranking. Read more

The 35 Most Sought-After Managers US Large LBO - Q3 2017Nov. 21, 2017: Report based on both the Setter Capital Liquidity Rating and SecondaryLink's Popularity Ranking. Read more

Setter Price Report - October 2017Oct. 1, 2017: This Setter Price Report analyses average top prices across various fund strategies and time intervals. The average top prices are generally derived from prices tha... Read more

Setter Price Report - September 2017Sept. 1, 2017: The Setter Price Report analyses average top prices across various fund strategies, vintages, geographies and time intervals. Read more

Setter Capital Volume Report H1 2017Aug. 3, 2017: To accurately capture the breadth of the secondary market for alternatives, Setter Capital conducted a twenty six question survey of the top secondary buyers. Read more

Setter Price Report - July 2017July 1, 2017: This Setter Price Report analyses average top prices across various fund strategies and time intervals. Read more

Setter Capital Volume Report FY 2016Feb. 1, 2017: To accurately capture the breadth of the secondary market for alternatives, Setter Capital conducted a twenty six question survey of the top secondary buyers. Read more

Q3 2015 30 Most Sought-AfterSept. 16, 2016: The Most Sought-After Manager Rankings are published by Setter Capital, across various types of funds and geographies. Read more

Setter Price Report - April 2016April 1, 2016: The Setter Price Report analyses average top prices across various fund strategies, vintages, geographies and time intervals. Read more

Setter Capital Volume Report FY 2015Feb. 8, 2016: To accurately capture the breadth of the secondary market for alternatives, Setter Capital conducted a twenty six question survey of the top secondary buyers. Read more

Q3 2015 Most Sought-After Small US LBONov. 23, 2015: Ranks the Most Sought-After Small US LBO managers whose most recent funds are less than 500 million USD. Read more

Q3 2015 The 20 Most Sought-After SmallOct. 1, 2015: ranks the Most Sought-After Small Western European LBO Managers whose most recent funds are less than 500 million USD. Read more

Setter Capital Volume Report H1 2015Aug. 13, 2015: To accurately capture the breadth of the secondary market for alternatives, Setter Capital conducted a twenty six question survey of the top secondary buyers. Read more

Q2 2015 Most Sought-After 2BB EURO LBOAug. 6, 2015: Setter Capital has released the 20 Most Sought-After Western European Large LBO Managers on the Secondary Market - Q2 2015. Read more

Q2 2015 The 35 Most Sought-After US Mid-MarketJuly 21, 2015: Setter Capital has released the 35 Most Sought-After US Mid-Market LBO Managers on the Secondary Market - Q2 2015. Read more

Q2 2015 The 35 Most Sought-After Large US LBOJune 22, 2015: Setter Capital has released the 35 Most Sought-After Large US LBO Managers on the Secondary Market - Q2 2015. Read more

Setter Volume ChallengeOct. 10, 2014: Every fall, Michael Bego (a partner at private equity secondary firm Willowridge Partners) organizes a private, informal get together of the largest buyers in th... Read more

Setter Capital Volume Report H1 2014July 23, 2014: To accurately capture the breadth of the secondary market for alternatives, Setter Capital conducted a twenty six question survey of the top secondary buyers. Read more

40 Most Sought after EURO LBO fundsMay 8, 2014: SecondaryLink has released The 40 Most Sought after Euro LBO funds on the Secondary Market – Q1 2014, a report based on both the Setter Capital Liquidity Rating and SecondaryLink's Popularity Ranking. Read more

50 Most Sought after US MID-MKT LBO fundsMarch 24, 2014: SecondaryLink has released The 50 Most Sought after US Mid-Market LBO funds on the Secondary Market – Q1 2014, a report based on both the Setter Capital Liquidity Rating and SecondaryLink's Popularity Ranking. Read more

Setter Capital Volume Report 2014Jan. 20, 2014: To accurately capture the breadth of the secondary market for alternatives, Setter Capital conducted a twenty six question survey of the top secondary buyers. Read more

Setter Capital Volume Report 2013Jan. 2, 2014: To accurately capture the breadth of the secondary market for alternatives, Setter Capital conducted a twenty six question survey of the top secondary buyers. Read more

Full service support

The Setter Sale Process* can be customized to allow you to totally outsource all back office, legal and manager communications tasks to Setter, allowing you to focus on your own day to day responsibilities.

The faces behind the deals.

Peter McGrath

Peter has been a leader and innovator in global PE secondary advisory since 2002 and founded Setter Capital in 2006. Peter has advised on over $20 billion in secondary transactions including numerous $500 million to $1 billion portfolio sales. He holds a degree in economics from the University of Toronto.

Peter McGrath

Simren Desai

Sim joined Setter in 2008 and leads Setter’s fund manager solutions team, advising GPs and direct PE investors on liquidity initiatives including fund restructurings and asset sales. Sim is a licensed lawyer and previously worked at two Toronto law firms. He holds a JD and MBA from the University of Toronto.

Simren Desai

Neil Andrew, CFA

Neil is on the fund advisory team at Setter, advising on secondary market transactions across all alternative investments. Previously, Neil was a portfolio manager at a Toronto-based long/short equity hedge fund. Neil is a CFA Charterholder and has 17 years’ experience investing in equities and derivatives.

Neil Andrew, CFA

Larry Abraham-Ajayi

Larry joined Setter in 2010 and is a senior member the fund manager solutions team, advising fund managers on liquidity initiatives including fund restructurings and asset sales. Larry also has significant experience in secondaries of LP interests. Larry holds a Masters of Finance from Queen’s University.

Larry Abraham-Ajayi

Gareth Morris

Gareth joined Setter in 2010 and is a member of the fund advisory team, focusing on secondary transactions in private equity, real estate, infrastructure, real asset funds and hedge funds. Previously, Gareth was with RBC Dominion Securities wealth management. He holds a degree in economics from McMaster University.

Gareth Morris

Kristina Kulikova

Kristina is a member of the fund advisory team, focusing on secondaries of LP interests in PE, hedge funds, real estate, infrastructure and real assets funds. Kristina holds a double Bachelor in Finance & Economics and has 3 years of prior experience in forex and economic forecasting.

Kristina Kulikova

Mike Evans

Mike joined Setter in 2012 and advises on both traditional and more complex secondary transactions in private equity, real estate, infrastructure, and hedge funds. Mike was previously at BMO and RBC Capital Markets in investment banking. Mike received his MBA in finance from McMaster University.

Mike Evans

AJ Patel

A.J. joined Setter in 2016 as a member of the fund manager solutions team, working with GPs and other direct investors. Previously, A.J. worked at a mid-market PE fund where he sourced and analyzed targets. A.J. holds a Master of Finance from Queen’s University and is a CFA Level III CFA Candidate.

AJ Patel

Mike Dong

Mike is a member of the fund manager solutions team, where he completes asset sales, fund restructurings, and other liquidity initiatives for GPs. Previously, Mike worked at Hong Kong based PE firm Huarong Asset Management. Mike holds a BBA in Finance from the University of Toronto.

Mike Dong

Maria Chateauvert

Maria is a member of the fund advisory team across PE, real estate, infrastructure, hedge funds and other funds. Previously Maria was part of the Retirement Plan Services Division of Manulife & John Hancock. Maria completed her Bachelor of Commerce in Economics and Finance at Ryerson University.

Maria Chateauvert

Babar Rafique, CFA

Babar is a member of the fund advisory team, focusing on secondary transactions in PE, real estate, infrastructure, timber and hedge funds. He previously worked in wealth management and corporate relationship management. Babar is a CFA® Charterholder and MBA candidate at the Rotman School of Management.

Babar Rafique, CFA

Elliot Spicer

Elliot is a member of the fund manager solutions team, where he completes asset sales, fund restructurings, and other liquidity initiatives for GPs. Previously, Elliot worked in acquisitions at a boutique real estate PE firm. Elliot holds a Bachelor of Commerce with high distinction from Rotman Commerce at the University of Toronto.

Elliot Spicer

Prab Rattan

Prab is a member of the Fund Manager Solutions, where he completes asset sales, fund restructurings, and other transactions for GPs. Previously, Prab was at Cambridge Global Payments and State Street. Prab is a CFA Level III Candidate and holds a Bachelor of Commerce from Ryerson University.

Prab Rattan

Ebou Jallow

Ebou is a member of the the fund advisory team, focusing on secondaries of LP interests in PE, hedge funds, real estate, infrastructure and real assets funds. Previously, Ebou worked as a consultant with Investors Group. Ebou holds an Honours Bachelor of Commerce from McMaster University.

Ebou Jallow

Geoffrey Bevans

Geoff is a member of the fund advisory team, focusing on fund secondaries in a range of asset classes. Previously, Geoff worked in retail banking at RBC Royal Bank. Geoff holds an Honours B.A. from York University and is currently a Level II CFA Candidate.

Geoffrey Bevans

Tejvinder Mondair, CFA

TJ is a member of the fund advisory team focusing on secondary transactions in private equity, real estate, infrastructure, real asset, and hedge funds. Previously, TJ spent 7 years in EM equity research & trading. TJ holds an MCom from Panjab University. TJ is a CFA Charterholder.

Tejvinder Mondair, CFA

Herbert Langiden

Herbert coordinates general office operations, research, and database management at Setter. Before joining the firm in 2010, he was a research and information management officer with the League of Municipalities of the Philippines (LMP) in Manila. Herbert holds a BS in Computer Science.

Herbert Langiden

Artiom Koren

Artiom Koren

Anne McGrath

Anne is an intern member of the fund manager solutions team, assisting in research and general administrative operations. She is currently studying life sciences at McGill University.

Anne McGrath

George Cameron

George is on the LP advisory team, focusing on secondaries of LP interests in PE, hedge funds, real estate, infrastructure and real assets funds. George holds a Bachelor’s degree from the University of Ottawa

George Cameron

Chinwe Onwubolu

Chinwe is a member of the fund manager solutions team, coordinating general administrative operations. Previously, Chinwe worked as an administrative assistant at RSRS, Canada’s medical record specialist. Chinwe holds an Honours Bachelor of Science in Chemistry.

Private Equity Secondary Market Pricing H1 2014- June 1, 2014

40 Most Sought after EURO LBO funds- May 8, 2014

SecondaryLink has released The 40 Most Sought after Euro LBO funds on the Secondary Market – Q1 2014, a report based on both the Setter Capital Liquidity Rating and SecondaryLink's Popularity Ranking. Read more

Setter Capital

50 Most Sought after US MID-MKT LBO funds- March 24, 2014

SecondaryLink has released The 50 Most Sought after US Mid-Market LBO funds on the Secondary Market – Q1 2014, a report based on both the Setter Capital Liquidity Rating and SecondaryLink's Popularity Ranking. Read more

Setter Capital

Setter Capital Volume Report 2014- Jan. 20, 2014

To accurately capture the breadth of the secondary market for alternatives, Setter Capital conducted a twenty six question survey of the top secondary buyers. Read more

Setter Capital

Setter Capital Volume Report 2013- Jan. 2, 2014

To accurately capture the breadth of the secondary market for alternatives, Setter Capital conducted a twenty six question survey of the top secondary buyers. Read more